**(b)**Notwithstanding the foregoing, the term
“Taxes” shall not include Taxes to the extent they are: (i) taxes imposed by the United States of America or any state or political subdivision thereof which are on or measured by the net income of Lessor; (ii) in the nature of
franchise or conduct of business taxes imposed on Lessor; (iii) the result of Lessor’s own bankruptcy or any act on the part of Lessor in contravention of the provisions of this Agreement or any failure of Lessor to observe the provisions
of this Agreement; (iv) imposed as a result of any voluntary sale, assignment, transfer, or other disposition by Lessor of its ownership interest in the Aircraft, unless such transfer or disposition occurs during an Event of Default under this
Agreement, in which case, Lessor agrees to use commercially reasonable efforts to minimize any adverse tax consequences related to such disposition; (v) so long as no Event of Default under this Agreement shall have occurred and be continuing,
imposed with respect to acts or events occurring or matters arising after the return of possession of the Aircraft to Lessor pursuant to the terms of this Agreement; (vi) imposed solely as a result of a transaction which is unrelated to the
transactions contemplated under this Agreement; (vii) interest or penalties resulting from Lessor’s failure to file timely and proper tax returns except to the extent such failure is a result of Lessee’s failure to provide Lessor in a
timely manner with the information needed to pay such Taxes; (viii) a result of the willful misconduct or gross negligence of Lessor, or (ix) pertaining to the sale and delivery of the Aircraft from Bombardier Inc. to Lessor prior to the
Lease Operations.